Processes that enable product tracking and product ownership tracking, especially joint or partial product ownership tracking, are essential to establish, preserve, and validate ownership rights and responsibilities and avoid costly litigation. However, events that impact entities' ownership in products, and the products themselves, are not efficiently or consistently tracked, leaving the possibility that losses may occur due to fraudulent ownership transfers that are prevalent with some products.
Conventional block-chain ledgers, despite their many advantages, do not provide effective and efficient systems for both tracking and controlling the ownership of products, especially joint or partial ownership of such products. For example, conventional block-chain ledgers make all entries sequentially, which can lead to delays in executing the transactions, and render such ledgers unable to efficiently execute transactions that follow a standardized set of rules based on events associated with owner(s) of products. Conventional block-chain ledgers also could not be adapted to systems for tracking partial or joint ownership of various products, as ownership rights, agreements, and entity statuses change over the course of time.